Serbia and Russia contemplate setting up of a joint investment fund

by 1389 on April 24, 2013

in 1389 (blog admin), Russia, Serbia

Balkans.com Business News Correspondent – 12.04.2013

The Serbian government delegation, led by Prime Minister Ivica Dacic on a visit to Moscow, spoke today with First Deputy President of the Russian bank VTB Vasily Titov about the setting up of a joint investment fund.Dacic told the press after the meeting in Russia’s second-largest bank that the fund should help Russian investors to come and invest in Serbia, and Serbian companies to finance the production for export to the Russian market.

He said that the joint investment fund could contribute to the growth of trade, particularly in agriculture, adding that the continuation of negotiations is expected in the next few weeks in Belgrade.

The Prime Minister said that he spoke about increased presence of Russian banks in Serbia with President and Prime Minister of the Russian Federation Vladimir Putin and Dmitry Medvedev respectively.

Dacic also said that Putin had promised to grant duty-free import of small contingents of Fiat’s vehicles that are assembled in Serbia, although that is not in the economic interest of Russia because that country has its own automotive industry which employs one million of people, and which also has problems.

According to him, Russia has no economic interest in importing Fiat cars from Serbia duty free, so the import of small contingents would be the result of a privileged partnership.

For starters Serbia asked for a quota of 10,000 cars, Dacic said, adding that in case of agreement, Russia would also win the right to import under the same conditions Russian-made vehicles to Serbia.

With the meeting with the First Deputy President of the Russian VTB bank, the Serbian government delegation ended its two-day visit to the Russian Federation during which, in addition to talks with top Russian officials, seven bilateral agreements were signed, including the Agreement on approving the loan for assistance to the Serbian budget in the amount of $500 million. Source: Government

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